How to Achieve a Debt Free Life?

To become financially independent, set personal financial goals and you are halfway there. They are essential in your investment decisions as well as limiting your expenditure and achieving a debt-free life.


One personal financial goal could be to create a budget, a fundamental way to accomplish other financial goals in the long run. For everything you decide to spend on, remember your budget. This enhances your self-control and helps you differentiate the true costs and worth of your needs and desires.

In other words, a budget ultimately decreases your buyer’s remorse and increases your savings in return.


Next, plan for the rainy days by creating an emergency fund that is equal to three to six months of your monthly expenditures. Change is only constant and instant. If you do not do so, detrimental alternatives include withdrawal from the retirement fund – if you have one – or a loan – which means you are in debt.

During life’s unexpected occurrences, there’s nothing like the sigh of relief that comes from the fact that you put aside emergency money in the past which can provide a temporary reprieve.


The next goal is more of a personal goal. However, it would indirectly affect your finances down the road. This goal is to invest, not in stocks or REITs or bonds, but in yourself. Accumulate wealth, but not just in cash but in knowledge, and keep learning. Acquire as much relevant financial knowledge as you can.

It will only benefit you and prepare you for any risk(s) or doubts met during investment.


Another suggestion would be to cancel your credit cards, or own just one to pay for the bills. Stop using the card to indulge for the credit is not tangible. The greatest damage you can do to your finances is not losing in your investments, but spending future money in your younger years. If you are a responsible driver, you can be responsible with your finances by not being reckless with the multiple cards.

Clear any debts, pay bills punctually, live within your means & control yourself.


Jade Lee is the Chief Editor of Giants Learning Technologies. Her life purpose is to help; thus committing to youths like herself through articles regarding early financial planning. Jade is an alumnus of Ngee Ann Polytechnic where she attained a Diploma with Merit in Early Childhood Education, having dedicated three years in understanding preschool children. Under a scholarship, she reads Bachelor of Arts in Psychology from Nanyang Technological University. Jade is also a commercial model and engages in Hip-Hop dance. Find out more about her insights via


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